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Co-op Approved for $500,000
Community Development Block Grant!
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The Co-op received the welcome news last week that it has been approved for a $500,000 Community Development Block Grant. This is a major component of our financing package and will allow us to continue with plans to begin construction soon and open our store within a year.
The approval came with two major contingencies: that the Co-op raise at least $450,000 of its $500,000 member loans goal before construction may begin; and that the Co-op dedicate a portion of the grant amount, once the store is operating on a sustainable basis, to a revolving loan fund for small food production companies in the region.
With members pledging more than $200,000 in member loans to date, we're confident we can reach or exceed the $450,000 requirement. The revolving loan fund also fits with our mission of working with local growers to provide our members with fresh, healthy, locally produced goods.
We're excited to be moving forward! |
Member Loan Program More Important Than Ever
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With the CDBG requirement of $450,000 in member loans, this program is more important than ever. In the first weeks of the member loan drive, our member-owners have been very generous in their support.
A successful member loan program will both allow us to collect the $500,000 CDBG funding and demonstrate to our local commercial lenders that the community is steadfast in its support of the Co-op.
If you haven't already made a member loan pledge, please consider doing so now. The sooner we raise the required member loan funds, the sooner we can build our regional cooperative food store!
Our minimum loan amount is $1,000. Loans under $10,000 will earn 4% interest, and those $10,000 or over will earn 5%, with interest on all loans accrued annually. More information is available on our website (www.littletoncoop.org).
Please contact Jody Wood (603-728-8203, jody.wood@newenglandwire.com), Jan Marshall (603-838-6877, janmarshall@wildblue.net), or Mike Claflin (603-444-5333, mclaflin@crbna.com) to learn more about member loans and other options for increasing your financial support to the Co-op.
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Daniel Hebert Selected as Contractor
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As our Finance Committee has been working to secure funding, the Facilities Committee has been hard at work refining plans for the Co-op building. After a competitive selection process, the committee has hired Daniel Hebert of Colebrook as the project's general contractor.
Dan is no stranger to Littleton, having overseen the expansion and renovation of Littleton High School and, more recently, the revival of the former Littleton Hospital building as The Beattie House, a senior housing development.
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